Abner,age 80 and in Poor Health,owns Investment Land with an Adjusted

question 90

Multiple Choice

Abner,age 80 and in poor health,owns investment land with an adjusted basis of $50,000.He is considering transferring it to Stella,his niece.Regarding Stella's income tax position,should the transfer to her be by gift or by inheritance? (Assume neither gift tax nor estate tax would be due,and that the property is not expected to change in value. )

• A)If the fair market value of the land is $200,000,the transfer should be by inheritance.
• B)If the fair market value of the land is $10,000,the transfer should be by gift.
• C)If the fair market value of the land is $50,000,the transfer can be either by gift or by inheritance (i.e. ,the tax consequences are the same).
• D)Only a.and c.are correct.
• E)a. ,b. ,and c.are correct.

Explain the concept of regulation and its impact on the conduct of business activities.

Grasp the objectives of patent law and copyright law in protecting intellectual property.

Understand the significance and outcomes of consumerism and environmental movements on business practices.

Recognize the importance of trademarks in business and the legal mechanisms for their protection.

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Definitions:

Piaget

A reference to Jean Piaget, a Swiss psychologist known for his pioneering work in child development and cognitive theory.

Cognitive Development

The process of growth and change in intellectual abilities, including thinking, reasoning, problem-solving, and understanding complex concepts.

Fine Motor Skills

The ability to use small muscle groups for detailed movements, such as writing or buttoning.

Centration

The tendency to focus on one part of a stimulus, situation, or idea and exclude all others; a characteristic of preoperational reasoning.